Says Tinubu can’t solve country’s problems in one year
The former governor of the Central Bank of Nigeria, Lamido Sanusi, says Nigerians must be “realistic” and not expect President Bola Tinubu to solve the country’s problems in one year.
This is just as he said that only paInful and tough decision are requires to turn arround the fortunes of the country
Although Nigerians faced challenges before Tinubu’s inauguration last May, the continuous increases in transportation costs caused by the removal of fuel subsidy by the Tinubu administration have led to unprecedented inflation and economic hardship in Nigeria.
The interventions by both the federal and state governments, to cushion the impact of the subsidy removal, have yet to create a significant impact on the country’s large population.
Sanusi, however, believes that the Tinubu administration’s policies are necessary.
“At this point, it is important for us as Nigerians to be realistic,” Sanusi said on Thursday while delivering a keynote speech at the Rivers State Economic & Investment Summit 2024 in Port Harcourt, Rivers State.
“The mismanagement of the last 10 years will not be undone in six months or one year,” Sanusi added, referring to the economic hardship caused by the petrol subsidy removal.
“We need to understand that some of the difficult things will take time to work through the economy. It will take a little while for us to see a turnaround, but those decisions are absolutely necessary for us to save the economy,” he said.
Sanusi, an ally of President Tinubu, is a major proponent of the removal of subsidy on petrol. He has been consistent in defending the removal of petrol subsidy by Tinubu’s administration, despite opposition by many Nigerians, including workers unions.
“We always knew we would have to go through this process if we did not change course. And we have seen this movie in Zimbabwe, we have seen it in Venezuela; we have seen it in Argentina. It is a movie we don’t want to be a part of.”
The three countries Sanusi mentioned have all experienced great social crises because of economic collapse.
Sanusi, however, said he hoped that the hardship would be brief and that Nigeria would soon be put back on the path of economic growth.
Petrol Subsidy removal
President Tinubu announced during his inauguration on 29 May 29, 2023, that the petrol subsidy was gone. This led to an increase in the price of the product from less than N200 per litre to over N600. The price increase, coupled with other government policies such as the floating of the naira, has led to huge increases in the prices of goods and services.
Despite the presidential announcement, however, the Nigerian government is still believed to be subsidising petrol with trillions of naira annually, with the IMF saying the controversial reintroduction of subsidies by the Tinubu administration will cost Africa’s largest crude producer an estimated N8.43 trillion of its projected N17.7 trillion of oil revenue in 2024.
Fubara’s ‘thoughtful and brave decision’
Sanusi said it was a thoughtful and brave decision for Governor Siminalayi Fubara’s administration to put together the Rivers Economic & Investment Summit 2024, and that he regarded it as an “absolute honour” to be a keynote speaker.
“At this moment in our history, when the country is desperate to chart a new course in economic thinking and opting for a paradigm shift that seeks to harness our vast potentials and propel us towards sustainable growth and prosperity, the decision to centre governance around economic development through investment promotion is a very thoughtful and brave decision by the government of Rivers State.
“This is more so because the reform of an economy, whether of the state or of the federation at large, requires difficult decisions. It involves policies that may be painful and unpopular, which usually don’t go down well with politicians who need reelection. But that is the only way to guarantee a better future for the people,” Sanusi said.
The former CBN governor said Rivers, with its arable land, abundant oil and water resources, and strategic location, has the potential to become an investor’s paradise and a great economy in West Africa if the right decisions and actions are taken.
“The recent boom in mechanised agriculture, international trade, transportation, tourism, real estate, and ICT that have been witnessed in the state is evidence that Rivers is ripe for investment and growth,” he said.
Sanusi said Rivers, with its oil resources, has contributed immensely to Nigeria’s economy, but that having oil or any natural resource is not enough for economic development.
“I have said it over and over again that if we were to dig out all the oil that is under Nigeria’s soil today and sell it and share the money among all Nigerians, we would at best be a lower middle-income country. So oil is a resource, but it is not enough to make us a wealthy country.
“To achieve development, it is imperative that we recognise the need to take specific steps that transcend natural resources, to diversify and institutionalise foundational economic frameworks.”
ALSO READ:Sanusi reinstated as Emir of Kano
He called on the political and business leaders, and residents of Rivers State to embrace innovation and reforms that could make the state attractive for investment and ultimately bring about a prosperous future.
Sanusi left the venue of the event immediately after his presentation.
Shortly after the event, the Kano State government announced that he had been reinstated as the Emir of Kano, a position from which he was removed in 2020.
